AUD/USD weakens further below 0.6700 mark, fresh YTD low ahead of Powell’s testimony – by hareshmenghani AUDUSD RBA Recession Fed Currencies
A positive risk tone undermines the safe-haven USD, albeit fails to benefit the risk-sensitive Aussie.Thepair attracts fresh selling in the vicinity of mid-0.6700s on Tuesday and drops to its lowest level since December 23 during the first half of the European session. The pair now seems to have found acceptance below the 0.6700 round-figure mark and seems vulnerable to prolonging its downward trajectory witnessed over the past month or so.
The Australian Dollar weakens across the board in reaction to the Reserve Bank of Australia's signal that a pause in its 10-month rate-hiking cycle is on the way. The RBA earlier this Tuesday raised its overnight cash rate as expected by 25 bps to 3.6%, or the highest since June 2012.
A generally positive tone around the equity markets seems to undermine the safe-haven Greenback, though does little to benefit the risk-sensitive Aussie or lend any support to the AUD/USD pair. The latest leg down, meanwhile, confirms a fresh breakdown through over a one-week-old trading range support.
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